If you have been counting your pennies and saving for the down payment on your Spring Texas home you will want to consider purchasing before October 1, 2008. Because on October 1, the minimum down payment requirement for FHA loans increases from 3% to 3.5% of the sales price.
You may think an extra .5% does not sound like a lot but let’s put it into perspective. On a $150,000 home, the minimum down payment increases from $4,500 to $5,250. A net increase of $750 which is the equivalent of about the cost of a washer and dryer. On a $200,000 home, the minimum down payment increases from $6,000 to $7,000. A net increase of $1,000 which is the equivalent of about the cost of a refrigerator.
In addition to the down payment that you will need to close on Spring Texas Homes, you will need money to cover inspection fees, earnest money, option fee, loan origination and other lender fees, prepaids, title fees, and don’t forget about the costs to move, a refrigerator, and a washer and dryer.
You can usually negotiate with the seller to pay some if not close to all of your closing costs and prepaids, but the down payment is not something that the seller can pay for you. In the end, an additional .5% for the minimum down payment is a BIG deal.
If you are tired of saving and want to take advantage of the lower minimum down payment requirement, give us a call at 281.804.8626. We have significant experience with buyers purchasing Spring Texas homes with FHA loans and know how to structure deals to keep your out of pocket expenses down to a minimum.
Jill Wente goes above and beyond for her clients. I speak from personal experience. She guided us through the purchase... read moreJill Wente goes above and beyond for her clients. I speak from personal experience. She guided us through the purchase of our new home during this crazy 2021 seller's market.
Jill educated us on all the aspects of buying a new home and selling our home as well. Helping us to choose what options best suited our circumstances. She was always very accessible, thorough, and patient answering all of our questions and concerns.
We had a challenging list of "must haves" for our new home and she was always on the lookout for homes that met our needs. All through the process of house hunting, making an offer, and through to closing she was efficient, professional, and always put our interests first. Her excellent negotiation skills ended up saving us thousands of dollars!
I am already singing her praises to friends and family and I highly recommend Jill Wente as your next realtor! read less